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Artificial Intelligence in Transportation Market - Forecast To 2030 By Aaron Smith

  in Advice | Published 2019-02-16 12:11:29 | 39 Reads | Unrated

Summary

The artificial intelligence in transportation market is projected to grow at a CAGR of 17.87% during the forecast period, and the market size is expected to grow from USD 1.21 Billion in 2017 to USD 10.30 Billion by 2030.

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The artificial intelligence in transportation market is projected to grow at a CAGR of 17.87% during the forecast period from 2017 to 2030, and the market size is expected to grow from USD 1.21 billion in 2017 to USD 10.30 billion by 2030. The development of autonomous vehicles and industry-wide standards to implement safety features such as the adaptive cruise control (ACC), collision warning, lane-keep assist, and advanced driver assistance systems (ADAS) would trigger the growth of the artificial intelligence in transportation market.

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The transportation industry is currently going through a major phase of evolution with the introduction of autonomous trucks application. Autonomous trucks are self-driven vehicles that are capable of sensing the environment and navigate to the destination without any human intervention. Also, these vehicles can be operated through voice commands. The artificial intelligence and machine learning technologies such as deep learning, computer vision, context awareness, and natural language processing will be the key growth drivers for the development of autonomous trucks. An autonomous truck may prove to be the next big evolution in transportation. Several major companies such as Volvo, Daimler, Scania, and DAF are developing and testing autonomous trucks. For a truck to be completely autonomous, many systems such as camera, radar sensors, and GPS must collaborate to provide a safe ride. Software companies such as NVIDIA, Intel, and Google are also focusing on the development of software for autonomous trucks. The governments of different countries are also making efforts toward autonomous operations. The NHTSA has mandated the use of rearview cameras in vehicles in the US. On 13th July 2009, the European Parliament made blind spot detection systems mandatory for all trucks to improve vehicle safety.

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Asia Oceania is estimated to be the fastest growing market for artificial intelligence in transportation, in terms of value. The market growth in the region can be attributed to strong economic growth, booming logistics and supply chain sector, shift of unorganized 3PL (third party logistics) sector to organized sector, and steadily growing population. These factors have played a vital role in the increasing production and sale of commercial vehicles, mainly trucks. Developing countries such as India and China are driving the growth of commercial vehicles in the region. The region also comprises of developed countries such as Japan and South Korea, which have safety regulations for commercial vehicles. According to the National Agency for Automotive Safety & Victims’ Aid (NASVA) Japan, the government and academies will promote the development of vehicles with ADAS. At present, lane departure warning (LDW) and adaptive cruise control (ACC) are being commercialized in Japan. Hence, these countries will witness demand for artificial intelligence enabled safety features in a few years. The major market players such as Hino Motors, Volvo, and Scania are making new investments in artificial intelligence technology to compete in the Asia Oceania region.

Truck platooning is projected to be a high growth segment of the artificial intelligence in transportation market. In truck platooning, more than two trucks travel in a series, following each other. The distance between the trucks is maintained automatically by the first truck, and rest trucks follow. Platooning systems connect two or more trucks electronically to synchronize their braking, thus enabling the vehicles to form tight convoys with shorter following distances that improve fuel economy. Truck platooning is estimated to have the highest growth potential in the artificial intelligence in transportation market across the globe. The growing environmental concerns, increasing fuel efficiency, stringent government regulations for emission, and concerns of traffic congestion have accelerated the growth of the truck platooning market. The market players such as Volvo, Scania, Daimler, Otto, and MAN are consistently improving their truck platooning systems. With the development of truck platooning, the demand for artificial intelligence in trucks will increase significantly in the near future.

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